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UK mortgages for home purchase fell slightly in November

Mortgage lending for home purchases fell slightly in November, according to the Council for Mortgage Lenders (CML).

The number of loans for that purpose decreased by 1% or 60,000, while the value of the same was off by 2.1% over the month, to £9.4bn. When compared with levels from a year earlier, nonetheless, the number of loans to home-owners stood 15% higher.

The number of mortgages approved for first-time home buyers, however, improved by 27,000 (£3.7bn). Loan-to-value ratios for this group of investors remained unchanged at 80% while as a multiple of borrowers' income their value edged lower to 3.35, from 3.36 in October.

An increase was seen versus year-ago levels of 3.24, although the proportion of income spent on capital and interest payments decreased to 19.1% from 19.3% in the month before.

Paul Smee, Director General of CML, said: "The Bank of England's credit survey reported demand in the final quarter of 2013 for house purchases was rising at its fastest pace since the survey began in 2007. This is a significant shift in public mood and, with strong November lending continuing the year-on-year growth seen since April 2013, this should be expected to continue into the New Year."

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